The global eyewear market was valued at US$ 182.55 billion in 2022 and is projected to reach US$ 348.28 billion by 2031, registering a compound annual growth rate (CAGR) of 8.41% during the forecast period of 2024-2031
Key Players:
The major players are Coopervision, Carl Zeissa AG, Johnson & Johnson Vision, CIBA Vision, Fielmann AG, Hoya Corporation, JINS, Marchon Eyewear, Warby Parker, Zenni Optical, Chemilens, and others players
Market Analysis
The eyewear market is experiencing significant growth driven by the rising demand for fashionable eyewear and the increasing prevalence of vision problems worldwide. Eyewear products, including prescription glasses, sunglasses, and contact lenses, have become essential accessories not only for vision correction but also as fashion statements.
The growing awareness of the importance of eye protection from harmful UV rays and blue light exposure has fueled the demand for sunglasses and specialized lenses. Additionally, the increasing prevalence of refractive errors, such as myopia (nearsightedness), hyperopia (farsightedness), and presbyopia (age-related vision loss), has driven the need for corrective eyewear.
However, the high cost of premium eyewear products and the availability of counterfeit or low-quality alternatives pose challenges to market growth. Furthermore, the impact of e-commerce and online retail on traditional eyewear distribution channels may disrupt the market dynamics.
Impact of the Russia-Ukraine Conflict
The ongoing Russia-Ukraine conflict has had a limited direct impact on the global eyewear market. However, the economic sanctions imposed on Russia have disrupted supply chains and hindered access to certain raw materials and components used in the manufacturing of eyewear products, potentially affecting the market in the region.
The Impact of Economic Slowdown
The global economic slowdown has had a moderate impact on the eyewear market. While the demand for vision correction and protective eyewear remains relatively stable, consumers may opt for more affordable options or delay non-essential purchases during economic downturns, affecting the sales of premium and luxury eyewear brands.
However, the increasing awareness of eye health and the growing influence of fashion trends are expected to sustain the demand for eyewear products, mitigating the impact of economic fluctuations on the market.
Regional Analysis
North America and Europe currently dominate the global eyewear market, driven by the high prevalence of vision problems, disposable income levels, and the influence of fashion trends. These regions are also home to major eyewear brands and manufacturers.
The Asia-Pacific region is projected to witness the highest growth rate during the forecast period, fueled by the rapid urbanization, increasing disposable incomes, and the growing awareness of eye health in countries like China, India, and Japan.
Latin America and the Middle East and Africa regions are expected to contribute to market growth as well, driven by improving healthcare infrastructure, rising awareness of vision correction needs, and the increasing popularity of trendy eyewear among younger populations.
Key Takeaways
- The global eyewear market was valued at US$ 182.55 billion in 2022 and is projected to reach US$ 348.28 billion by 2031, growing at a CAGR of 8.41% during the forecast period of 2024-2031.
- Rising demand for fashionable eyewear and increasing prevalence of vision problems are driving market growth.
- High costs of premium eyewear products and the availability of counterfeit alternatives pose challenges to market growth.
- The Russia-Ukraine conflict and global economic slowdown have had a limited direct impact on the market, but economic factors may affect consumer spending on eyewear products.
- North America and Europe dominate the market, while the Asia-Pacific region is projected to witness the highest growth rate during the forecast period.
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